• Galp in advanced talks to sell up to 40% stake in Mopane project
  
• TotalEnergies and Chevron emerge as leading bidders after slow start
  
• Sale aims to share deepwater costs amid regulatory and market challenges

After months of trying to sell part of its stake in the Mopane oil project in Namibia, Galp has finally drawn interest from major international oil companies. According to sources cited by international media on Wednesday, TotalEnergies and Chevron are now leading contenders among potential buyers.

Galp is in advanced talks to sell up to 40% of its stake in the project. The company has shortlisted several candidates and plans to announce a final decision by year-end.

Galp began seeking to reduce its position in Mopane in early 2025 in an effort to share the substantial costs required to advance the project. The sale process stalled for months, as the company received no formal offers despite approaching several international exploration companies.

This slow start came amid investor caution. An Agence Ecofin analysis published in July highlighted concerns, including an economic model and resource volumes still awaiting confirmation, as well as a high proportion of gas, which is harder to bring to market. Other factors included the high development costs associated with deepwater projects and regulatory uncertainties, particularly around operational control and rising local content requirements in Namibia.

Mopane is regarded as one of Namibia’s most significant discoveries since 2022. Galp confirmed the presence of a large oil system there in May 2024, at a time when exploration activity had intensified following major discoveries by TotalEnergies and Shell in 2022 and 2023. Namibia’s state-owned oil company, Namcor, said in 2024 that progress on these offshore projects could pave the way for oil production within the next decade.

Abdel-Latif Boureima